- Mullen Automotive Inc (NASDAQ:MULN) reported preliminary cash and equivalents of $65.2 million as of Q2-end, primarily due to $43.9 million from the issuance of Series C Preferred Stock and associated warrants.
- Additionally, the company received $29.6 million in net proceeds under the $30 million Esousa Equity Line, dated September 1, 2021.
- Total assets rose approximately 138.4% to over $100 million, helped by the financing activities.
- Mullen's debt fell 10.8% quarter-on-quarter to $16.9 million.
- Stockholders' equity rose Q/Q to a surplus of +$52.6 million from a deficit of -$10.5 million.
- "Our balance sheet continues to improve and our EV programs are all moving forward, including the start of the Mullen FIVE RS program," said chairman and CEO David Michery.
- Price Action: MULN shares are trading higher by 18.9% at $1.03 in premarket on the last check Friday.
